In our sixth house flipping venture, which we initially purchased alongside our fifth property for rental purposes, we encountered an unexpected challenge. This house, intriguingly, became the target of theft. Thieves broke in and stripped the copper pipes, causing extensive damage and necessitating a costly plumbing overhaul.
Feeling disheartened yet resilient, we hired a licensed plumber to repair the damage. His reaction upon seeing the house’s size and potential was unexpected. After hearing about the theft and our plans to flip the property, he expressed interest in purchasing it ‘as is.’ We quickly evaluated the situation and offered to sell it to him for $145,000. To our satisfaction, he accepted offer, and we closed the deal within two weeks.
While we could have potentially earned more by fully renovating and selling on the market, this experience underscored the dynamic and unpredictable nature of house flipping. It was a powerful lesson in adaptability and the potential for serendipity in this business. In this field, anything is possible, and sometimes, the least expected paths can lead to substantial profit with minimal effort.
Purchase Price: $105,000
Reno Budget: $0
Hold Loss: $10,000
Sold Price: $145,000
Net Profit: $30,000
